Dutch Electronics Maker Suffered a Series of Operational Difficulties

AMSTERDAM—Dutch Electronics Maker Koninklijke Philips NV warned Tuesday that it has fallen behind its financial targets following a number of setbacks that contributed to a 67% drop in fourth-quarter net profit.

Philips said it was lagging its 2016 goals following a series of operational difficulties, a slowing global economy and mounting costs related to plans to split its business. The split hadn’t been decided when the targets...